Currently known as GB Point, 535 Kallang Bahru is at the junction of Kallang Bahru and Geylang Bahru and enjoys dual street frontage and visibility. (Photo: CBRE)
A three-storey commercial building at 535 Kallang Bahru is up for sale via an expression of interest (EOI) exercise at a guide price of $55 million, according to CBRE and Cushman & Wakefield, the joint marketing agents for the property.
Known as GB Point, the asset sits on a land plot spanning approximately 22,283 sq ft, with an existing gross floor area (GFA) of 36,207 sq ft across all three levels. Based on its GFA, the guide price translates to $1,519 psf.
Under the URA Master Plan 2025, the site is zoned for commercial use. According to the marketing agents, there is an opportunity for investors to increase the GFA to 66,850 sq ft based on its gross plot ratio of 3.0, subject to relevant authorities’ approval.
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Situated at the junction of Kallang Bahru and Geylang Bahru, the building enjoys dual street frontage and visibility. It is also right across the street from Geylang Bahru MRT Station on the Downtown Line.
Currently, the building is nearly fully occupied with multiple tenants, including a restaurant, a fitness centre and offices. Joshua Giam, director of capital markets for CBRE Singapore, says the site could potentially be repositioned and is “ideal for a variety of commercial uses such as corporate headquarters, medical centre, commercial school and childcare centre”, subject to attaining the relevant approvals.
He adds that the surrounding area is poised for growth, spurred by redevelopments and new projects. The Kallang Basin Swimming Complex, the former Victoria School campus along Geylang Bahru Lane, and existing industrial estates in the vicinity have been rezoned for residential use, paving the way for new homes. Meanwhile, the development of Gourmet Xchange, Singapore's largest strata-titled, waterfront food hub along Kallang Way, will also add to the area’s rejuvenation.
For Sophia Lim, director of capital markets for Cushman & Wakefield Singapore, the building offers investors an opportunity to capitalise on Kallang’s new growth phase. “535 Kallang Bahru represents a strategic investment play, combining stable in-place income with the potential to optimise and reposition the asset over time to benefit from the precinct’s ongoing transformation.”
The EOI exercise will close on April 22, at 3pm.
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